Economics

Canada’s Point North Co signs cooperation deal with AOI

Egypt’s Arab Organisation for Industrialisation (AOI) signed a cooperation deal with Canada’s Point North Company to modernise the AOI-run SEMAF factory and develop production lines, a statement by the AOI read.

The AOI chief, General Abdel-Moneim El-Tarras, said the agreement aims to upgrade local production and localise railway trains manufacture through revamping the industrialisation and manufacturing capacities and human resources development of SEMAF.

El-Tarras added that Egypt will have a manufacturer at the highest level by October 2020.

The plan aims to develop SEMAF and upgrade its quality of products from railway and metro carriages and tractors manufacture in compliance with global standards. It also includes developing the factory’s research and design sector and training its engineers and technical workforce domestically and abroad.

The upgrade will lead to increasing levels of productivity to 1,000 carriages, up from 300, yearly, eyeing the manufacture of tractors operating on diesel and electricity, El-Tarras added.

The AOI is also seeking to open up outlets in international markets, specifically Africa and the Arab region.

Point North officials praised the AOI expertise in its capacity to develop technologies, adding that the agreement aims to open up new prospects for cooperation with the AOI to meet the needs of Egypt’s comprehensive development plans.

Source
Press Release
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Uzzal Hossan Khan

Special Correspondent, MENA Region.
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